The Attorney General of the Federation, Lateef Fagbemi, has denied any involvement by the Federal Government in the recent acquisition of around 25 per cent of FirstHoldCo shares, a transaction valued at over ₦323 billion.
This response follows widespread media claims that the purchase was facilitated through a Federal Government-backed Special Purpose Vehicle (SPV).
According to several online platforms, a trustee reportedly acted on behalf of the government under the supervision of the Attorney General’s office and the Central Bank of Nigeria (CBN) to carry out the acquisition.
However, the Attorney General’s Office, through a statement issued by Special Adviser on Communication and Publicity, Kamarudeen Ogundele, dismissed the reports as “false, misleading, resentful and potentially harmful.”
“The Office of the Attorney General of the Federation and Minister of Justice firmly refutes this misinformation to prevent public confusion or misunderstanding regarding the ownership and governance of FirstHoldCo,” Ogundele stated.
He clarified that neither Fagbemi nor his office participated in or was privy to any share purchase arrangement.
The statement acknowledged that while the government was aware of a trustee structure approved by the CBN, it maintained no direct link to the transaction. Renaissance Capital (RENCAP) had been appointed by the CBN as an independent third-party overseer for the trustee framework.
Reports had initially named RC Investments Ltd—a Special Purpose Vehicle linked to RENCAP—as the acquirer of the shares.
In a separate clarification, FirstHoldCo also distanced both its Chairman, Femi Otedola, and the Federal Government from the deal. A statement signed by the company’s secretary, Adewale Arogundade, affirmed: “The Chairman of FirstHoldCo, Femi Otedola, did not purchase any of the shares in question, nor did the Federal Government of Nigeria or any of its agencies acquire the shares in trust.”
The company revealed that the sellers of the shares were Barbican Capital Limited and its affiliates, connected to long-standing shareholder Oba Otudeko, alongside Leadway Group and its affiliates.
RC Investment Management Ltd, the SPV associated with Renaissance Capital, was confirmed as the sole buyer.
The off-market block trade was executed on the Nigerian Exchange (NGX) on 16 July 2025. The transaction involved 10.43 billion shares sold at ₦31 per share across 17 negotiated deals, amounting to ₦323.4 billion. The acquisition represents approximately 25 per cent of the total outstanding shares in FirstHoldCo Plc.
This transaction formally signals the exit of Oba Otudeko, a major shareholder and influential figure in FirstHoldCo and its predecessor entities.